Bernstein "blasts financial industry, backs 3-fnd portfolio"

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Jagman
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Bernstein "blasts financial industry, backs 3-fnd portfolio"

Post by Jagman »

http://blogs.marketwatch.com/thetell/20 ... portfolio/
“If You Can: How Millenials Can Get Rich Slowly” lobs many grenades at the financial industry, and it reiterates Bernstein’s prior advice to stick to a simple, low-cost approach with your 401(k) or IRA.
jdb
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by jdb »

I would like to get hardcopy version for adult sons but as a Luddite who does not use Kindle disappointed that only available from Amazon in ebook format. If this keeps up may have to unpack the gift Kindle from Christmas past and start using it, though prefer getting newsprint on my hands when reading.
garlandwhizzer
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by garlandwhizzer »

So refreshing to read Bernstein who speaks the unvarnished truth exactly as his wise, insightful, and experienced eyes see it.

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209south
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by 209south »

I have a kindle but would also prefer to have printed copies for each of my 3 kids - happy to pay 99c per hard copy...is there a way to do that??
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NAVigator
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by NAVigator »

209south wrote:I have a kindle but would also prefer to have printed copies for each of my 3 kids - happy to pay 99c per hard copy...is there a way to do that??
In this thread; Bogleheads • View topic - Free "If You Can" Kindle and .pdf eBook, Dr. Bernstein made the pdf available. This can be read without a Kindle, of course, and printed as well.

Jerry
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jjbiv
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by jjbiv »

209south wrote:I have a kindle but would also prefer to have printed copies for each of my 3 kids - happy to pay 99c per hard copy...is there a way to do that??
Take the PDF file to FedEx Office or similar and I'm sure they would be happy to make you a very nice looking printed copies.
rj49
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by rj49 »

You can also use the Kindle app on a PC or Mac, so you don't need a Kindle or tablet to read ebooks.
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abuss368
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by abuss368 »

Thank you for sharing. It is always wonderful to hear about the many benefits of the Three Fund Portfolio.

My favorite note: On mutual funds: “Most mutual fund companies spew more toxic waste into the investment environment than a third-world refinery.”
John C. Bogle: “Simplicity is the master key to financial success."
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nedsaid
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by nedsaid »

It is interesting that Bernstein has changed from being a tilter to a 3 fund guy. Rick Ferri has also stated that as he gets older that he becomes more and more convinced of the virtue of the 3 fund portfolio. Ferri's book All About Asset Allocation recommends tilting. So two guys that I really respect seem to be changing their minds.
A fool and his money are good for business.
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Leif
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by Leif »

nedsaid wrote:It is interesting that Bernstein has changed from being a tilter to a 3 fund guy. Rick Ferri has also stated that as he gets older that he becomes more and more convinced of the virtue of the 3 fund portfolio. Ferri's book All About Asset Allocation recommends tilting. So two guys that I really respect seem to be changing their minds.
Last I heard Rick has 30% SV. I've not heard what the self described "Asset Class Junkie" has personally or what he recommends to his clients. Perhaps the 3 fund main virtue is that with minimal tracking risk it is easier for some to stick with it. I feel more comfortable with asset class diversification even at the cost of more market tracking risk.
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by abuss368 »

nedsaid wrote:It is interesting that Bernstein has changed from being a tilter to a 3 fund guy. Rick Ferri has also stated that as he gets older that he becomes more and more convinced of the virtue of the 3 fund portfolio. Ferri's book All About Asset Allocation recommends tilting. So two guys that I really respect seem to be changing their minds.
I have found this extremely interesting too. The simplicity of the Three Fund Portfolio is now being recommended by two excellent advisors. Vanguard just had to go and change the Life Strategy and Target funds to include International Bonds!
John C. Bogle: “Simplicity is the master key to financial success."
Bill Bernstein
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by Bill Bernstein »

No, I haven't changed. As so many are fond of pointing out on this forum, there's more than one road to Jerusalem.

I've come to the conclusion that the best solution for 95% of savers is a Target Retirement fund (which I mention in the booklet), but that doesn't allow for an adequate discussion of the basics of finance, so I went with the three-fund instead.

For the one percent who can put together, maintain, and most importantly, stick with a complex, tilted, slice-and-dice portfolio, I think there's *probably* a small advantage going forward.

But I wouldn't be the farm on that either.

Bill
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matjen
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by matjen »

Bill we are having a friendly discussion about this topic and your thoughts on VG and DFA in this thread if you feel like chiming in. I think some may believe that your eBook aimed at young'ins out of college with its sage advice applies to the typical DFA or VG discussion.http://www.bogleheads.org/forum/viewtop ... st=2026705
A man is rich in proportion to the number of things he can afford to let alone.
Bill Bernstein
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by Bill Bernstein »

Hah! Nice try.

I try to absent myself from the DFA vs. Vanguard food fight. Both are fine companies: that's my story, and I'm stickin' to it.

Bill
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matjen
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by matjen »

Bill Bernstein wrote:Hah! Nice try.

I try to absent myself from the DFA vs. Vanguard food fight. Both are fine companies: that's my story, and I'm stickin' to it.

Bill
Drat! You are on to me. And, of course, I agree with your "story."
A man is rich in proportion to the number of things he can afford to let alone.
Retired1809
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Re: Bernstein "blasts financial industry, backs 3-fnd portfo

Post by Retired1809 »

Bill,
Excellent work. Thank you.
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